TravelRent, Russia's first online service for short-term apartment rentals, has raised $2 million from venture capital fund Frontier Ventures.

Investments will be aimed at reinforcing the team, developing new partnership programs and marketing in order to increase awareness of the brand and extend its number of property listings.

In 2013 TravelRent plans to increase the number of listings in Russia, CIS and the rest of the world to 45,000. By 2015, the company expects to attract more than 5 million registered users.

TravelRent's team and investors forecast strong potential growth for the TravelRent service as well as for the online travel industry in general. Research suggests that in Russia this market will grow by 40% with a value of $6 billion during 2012. According to PhoCusWright research, in 2013 Internet sales in Russia will amount to $10.4 billion with one in five travel bookings made online.

"Online booking is the fastest growing sector in the tourism market. Travelers looking for the best deals are now going online and creating a new trend of independent 'do-it-yourself' tourism. Today, TravelRent has the largest number of listings for short-term rentals in the Russian Internet. With the new funds we have raised, we are determined to secure our leadership in the sector," says TravelRent's CEO Stanislav Frolov.

Dmitry Alimov, founder and managing partner of Frontier Ventures, says: "We are very pleased to be expanding our investment portfolio with a company operating in the rapidly-growing market of apartment rentals. Our partnership is more than just equity financing. Our experience in business and in building innovative Internet projects, in determining a strategy and adapting it for the Russian-speaking market, means we can provide the company with comprehensive support and strengthen TravelRent's position as the leader of this rapidly-growing sector."

About the companies

TravelRent is a social online booking service which currently has the largest database in the Russian Internet market with more than 25,000 listings in 38 countries. TravelRent.com is an easy way to find the best proposals within just a few minutes. Online booking can be made 24 hours a day, 7 days a week.

TravelRent's investing and operating partner is Fast Lane Ventures - the leading Russian company in the development, launch and promotion of innovative Internet businesses.

For more information on Fast Lane Ventures please visit fastlaneventures.ru/en.

Frontier Ventures is a venture capital fund that supports entrepreneurs in the Russian-speaking consumer Internet industry. It was founded in 2011 by Dmitry Alimov. The fund works closely with entrepreneurs to build leading businesses in the Russian-speaking Internet.